Page 19 - Nclt

Go First airline asks NCLT to pass urgent order on insolvency plea

Lessors have moved application to repossess aircraft during legal proceedings, says company's lawyer

NCLT to hear two insolvency petitions filed against Go First on May 8

As Go First awaits the NCLT ruling on its voluntary insolvency resolution plea, the tribunal is set to hear on Monday two petitions seeking insolvency proceedings against the crisis-hit airline. With liabilities of Rs 11,463 crore and a financial crunch, the Wadia group-owned airline has sought voluntary insolvency resolution proceedings as well as an interim moratorium on financial obligations. After hearing the plea on Thursday, the National Company Law Tribunal (NCLT) reserved its order. The tribunal is set to hear two insolvency petitions filed against the airline on Monday, according to lawyers. The petition filed by SS Associates Services Pvt Ltd, which was providing transport services to the carrier, is with respect to a claim of around Rs 3 crore. A pilot has also filed a petition claiming dues for his services provided to the airline. The amount involved is more than Rs 1 crore. The two petitions are scheduled to be heard by the Principal Bench of the NCLT. Go First, in

NCLT to hear insolvency proceedings plea filed against SpiceJet on May 8

SpiceJet too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (NCLT) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor Aircastle (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussio

Lenders to Go First await NCLT's verdict to chalk-out strategy

There was no meeting on Thursday. Banks have already reviewed the situation on Wednesday

Lessors oppose Go First's insolvency resolution plea; NCLT reserves order

Airline seeks interim moratorium

India tribunal allows bankruptcy proceedings against Future Lifestyle

A company court on Thursday admitted Bank of India Ltd's petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default

NCLT reserves order on Go First's plea for insolvency proceedings

The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them. Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (IBC) is to ensure that a company is a going concern and not ground it. Cash-strapped Go First has cancelled flights till May 9.

Go First seeks interim moratorium, NCLT says no such provision under IBC

Go First told the court that the primary aim of filing for insolvency was to revive the airlines and it seeks a comprehensive debt restructuring

NCLT to hear cash strapped Go First Airway's insolvency plea on May 4

The National Company Law Tribunal tribunal (NCLT) on Thursday will hear cash-strapped air carrier Go First's voluntary insolvency resolution plea. The petition for initiation of voluntary insolvency resolution proceedings was mentioned before the Delhi-bench headed by President Justice Ramalingam Sudhakar. The bench has agreed to an urgent hearing and directed to list the matter on Thursday for hearing. The Wadia group-owned carrier has moved the National Company Law Tribunal (NCLT), Delhi, seeking voluntary insolvency resolution proceedings. Section 10 of the Insolvency & Bankruptcy Code, allows a debtor to initiate an insolvency resolution process against itself if it has committed any default. Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings. The airline, which has been grappling with engine issues since January 2020, said it has been forced to move the NCLT as P&W refused to comply with an order issued by the .

Easing the process: Guidelines for NCLT to deal with IBC cases in the works

MCA also planning to AI system for case management

NCLAT to hear Yamuna e-way authority's plea on compensation for farmers

Insolvency appellate tribunal NCLAT on Tuesday said it will hear the plea of Yamuna Expressway Industrial Development Authority (YEIDA), which challenged the NCLT's order to approve Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. However, the National Company Law Applette Tribunal (NCLAT) declined to stay the order passed by the National Company Law Tribunal on March 7 and said the matter requires an early decision. Finding "substantial merit" in the YEIDA's appeal for higher compensation to farmers, the NCLAT issued notices to the Suraksha Group as well as the monitoring panel constituted to implement the resolution plan on YEIDA's petition. A two-member bench, headed by Chairman Justice Ashok Bhushan, said the appeal filed by YEIDA on NCLT judgment "requires an early decision". The appellate tribunal further noted that the NCLT in its order dated March 7, 2023 "has virtually extinguished the claim of the appellant (YEIDA) of additional farmers compensation by ...

Jet Airways' fate in jeopardy as NCLT deadline for Jalan-Kalrock nears

The expiry of the airline's air operator's permit (AOP) is also due on May 19

Karnataka HC sets aside NCLT order regarding windmills on forest land

The Karnataka High Court has quashed the order of the National Company Law Tribunal (NCLT) that had passed an order allowing the operations of windmills on forest land in the state to a Mumbai-based company. The HC said the tribunal did not have jurisdiction over the matter of setting aside a government order. "The company could not have knocked at the doors of the Tribunal as it completely falls beyond the purview of the Code, being in the realm of public law, since the State has exercised its jurisdiction in drawing up the proceedings and directing forest clearances to be submitted by the corporate debtor, the petitioner, in exercise of powers conferred under the Statute. Therefore, they are in the realm of public law," Justice M Nagaprasanna said in his judgment. The tribunal had no jurisdiction to direct functioning/continuing of the windmill without the forest clearance, merely because the state had granted such permission at an earlier point in time, the court stated. The ...

Reliance Capital resolution process completion deadline extended to July 16

The bidders have asked the Reliance Capital lenders to ensure that the resolution plans are IBC and RFRP compliant

NCLT approves AM Mining resolution plan for Indian Steel Corporation

The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores

Govt to take up consumer grievances in realty sector at Mumbai roundtable

Real estate accounts for 10% of the total cases in consumer commissions; case pendency has been rising despite separate tribunals for redress such as RERA and NCLT

NCLT okays AM Mining India's resolution plan for Indian Steel Corporation

ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai. In a statement, ArcelorMittal India Pvt Ltd said it "welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Ltd (ISC)". It looks forward to implementing the recently passed resolution plan in due course, ArcelorMittal India Pvt Ltd said without sharing any details with respect to the resolution plan submitted for ISC. With an annual capacity of six lakh tonne per annum (LTPA), Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products, it said. The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors. Dilip Oommen, Executive Vice President, ArcelorMittal, said, "The acquisition of ISC will enhance our downstream ...

Future Retail's creditors seek 90 days extension to concluding insolvency

Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) "seeking exclusion of a period of 90 days from CIRP of FRL, and consequent extension from April 16, 2023, to July 15, 2023, for concluding the CIRP of FRL." The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation. As per Section 12(1) of the Code, the CIRP shall be completed within a period of 180 days from the date of initiation. However, NCLT may grant a one-time extension of 90 days. The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days. Besides, the resolution professional

NCLAT dismisses NCLT order, directs Ansal Housing to pay money to creditor

Appellate tribunal NCLAT has set aside an NCLT order that rejected an operational creditor's plea seeking insolvency proceedings against Ansal Housing, terming it as a "fit case for the admission of CIRP". A two-member National Company Law Appellate Tribunal (NCLAT) bench said realty firm Ansal Housing has an operational debt due and payable, and dismissal of the Section 9 petition by the NCLT is "perverse and illegal and liable" to be set aside. Moreover, it has also directed Ansal Housing to pay Rs 12.72 lakh to Clicbrics Technologies within a month of the passing of this order. "The above payment shall be released within 30 days from the date of uploading of this order failing which the Corporate Debtor would come under the rigours of CIRP (corporate insolvency resolution process) on the expiry of said 30 days period," said an NCLAT order passed on April 5. It also added that in case, the operational creditor refuses to accept the above sum as payment towards operational debt,

I-T dept challenges NCLT order approving Suraksha's Jaypee Infratech bid

The Income Tax Department has filed an appeal against the National Company Law Tribunal approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process. Sources said the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims. The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added. According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week. The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7. Last month, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infratech matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JA